Micromem Technologies Inc. Provides Update
TORONTO, NEW YORK, Dec. 20, 2012 /PRNewswire/ – Micromem Technologies Inc. (the
“Company”) (CNSX: MRM, OTCBB: MMTIF) through its wholly owned
subsidiary, Micromem Applied Sensor Technologies Inc. (MAST), is
pleased to provide an update on current and new initiatives.
First production volume run was completed in November and shipped to
client. MAST is awaiting payment for first production run and
instructions on next volume release. We will issue a press release
with details as soon as available.
International Oil Company
MAST has formally advised our client that our sensor platform is ready
for their testing in the field. The client’s nanoparticle supplier is
late in providing the project particles and this could impact our
ability to deliver the initial beta units as originally scheduled.
MAST and client are working together on alternative sources of
nanoparticles and believe we will be back on the timetable for
American Automobile Manufacturer
All work is now completed on the Proof of Concept oil pan plug sensor.
It has been shipped to the client to allow them to test our device on a
vehicle in a dynamometer environment. Third party Non Destructive
testing of our POC was completed in December and the product showed no
resonances at 10g at 2000Hz. The client testing is expected to be
completed in January 2013 at which time MAST will have provided the
client with all necessary data and product demonstration to allow them
to proceed with the contract. We will issue a press release with the
final results once available.
To view MAST oil pan plug sensor suite installed in a commercial engine
test set up, visit http://files.newswire.ca/651/Micromem_Oil_Sensor.pdf. Full dynamometer tests are scheduled for January 2013. Our sensor
suite includes oil pan level and analytical oil analysis. The sensor
results are communicated wirelessly to the automobile’s computer. The
power for our sensor suite is scavenged from the vibrational energy of
the auto in operation.
U.S. Department Of Defense (DoD) and the Terrorist Support Working Group
We have been advised by the U.S. Department of Defence that the status
of our bids are as follows:
Forward-Looking Surface Penetrating Sensor Fusion of Combined
Sonar/Radar for Disturbed Ground; Designed for IED detection, this forward-looking sensor-fused
phased-array radar/sonar provides multi-modal detection of disturbed
ground. This project is still awaiting DOD budget approval.
Monitoring of Large Scale Power Line Deflection
Discussions with the client under Non-Disclosure Agreement (“NDA”) are
proceeding. This project is slated for early 2013 funding. MAST has
completed our provisional patent submissions on this project. MAST has
submitted, as requested by the client; roll out pricing for deployment
of our product throughout their power distribution system.
Sensor Technology and Methods for Measuring Cement Integrity
NDA and budget discussions continued through early December. The project
has been internally approved within the client’s organization. Release
of the contract is expected in early Q113
Ultra Small Electronic-Scanning Ultrasonic Transducer for High
A major medical equipment manufacturer is looking for technology to
create high-density arrays of ultra small electronic scanning
ultrasonic transducers. These transducers will be incorporated onto
cylindrical medical devices to enable high-resolution imaging. MAST
proposes to place its technology on the end of the client’s catheter.
This technology will allow greater visibility to the surgeon. This
project is pending approval by client.
Volume Production of MAST Hall Sensors
MAST’s Hall Sensor is currently undergoing testing and evaluation by a
client. The client has validated that our technology can maintain
linearity in a magnetic field up to 2.5 Tesla. Our technology has
undergone head to head tests by this client with other technologies and
the client has reported back that our Hall sensor was the successful
sensor in all categories. Micromem has been advised that the client
will begin discussions in early July of a large volume purchase order.
This project does not require MAST to do any development and will be
handled as routine production of our standard Hall sensor.
Miniature Current Sensing Device
MAST submitted a proposal to an international client to design and build
a miniature electric current sensor device. The objective is to detect
a current in very small wires in a dense wiring environment. This
device will be MEMS based and incorporates a wireless chip capable of
communicating to external data collection services. Our proposal was
selected for final negotiations, a NDA has been signed with the client
and discussions have begun. This project is expected to proceed in
Wireless Power Transfer Device
MAST submitted a proposal to a client interested in providing wireless
power solutions for residential use. Our proposal is now on the short
list and discussions have begun under NDA. This project is expected to
proceed in Q113.
Ability to Weigh Extremely Small Quantities in a Production Environment
Discussions with the client under NDA are proceeding. Samples of the
product to be weighed have been received by MAST and we have formally
advised the client that we are able to meet their cycle time and
accuracy/repeatability requirements. MAST has demonstrated our approach
which allows for accuracy in weighing of the product to 6 digits right
of the decimal point and a total cycle time approaching 1 second.
Current weighing systems in place take close to 90 seconds to weigh the
product causing production limitations. The next phase is a client paid
product demonstration anticipated to begin in January 2013.
Remote Monitoring of Elderly Home Care Patients
MAST has submitted a proposal for technology that will provide the
ability to garner health information from elderly home care patients
through routine monitoring at home. MAST is currently designing an
in-home device that the home care patient would simply touch. Through
that touch the device will be able to provide information on the
patient’s health. Through contact with the patient’s skin the device, a
nanostructure initiator mass spectrometer chip, can provide information
such as microbial and chemical exposure to toxic substances, track
stress, addiction, disease recovery and dietary changes. It would also
be designed to monitor the efficiency of antibiotics or antibacterial
agents. This project has now been short listed and technical
discussions on specific performance requirements are ongoing.
Stable Hydrocarbon Sensor for use in Automotive Exhaust
MAST has submitted a proposal to a third global automotive company to
develop a stable hydrocarbon sensor for use in automotive exhaust. Our
technology would be used to measure vibration and rotation modes of
hydrocarbon bonds, enabling accurate detection of low concentrations of
hydrocarbons in exhaust. A provisional patent has been prepared as this
innovative design is based upon quantum entanglement. MAST is currently
awaiting NDA execution to proceed.
Early Breast Cancer Awareness Device
Micromem demonstrated the device at a medical conference in Eastern
Europe and as a result, contract discussions for European rights are
scheduled to begin mid-January.
Aerial Magnetic Exploration Platform
MAST is negotiating with a firm that will productize our magnetic aerial
exploration platform. Our measurement platform is scheduled to
incorporate the world’s most sensitive sensor front end in the form of
a SERF Magnetometer. A differential measurement will allow measurement
sensitivity of better than 1 pT/root Hz. Commercialization is expected
to be complete in Q113. Negotiations continue with a third party who
is planning to license and distribute this device.
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies
Inc., a publicly traded (OTC BB: MMTIF, CNSX: MRM) company. MASTInc
responsibly analyzes the specific industry sectors to create
intelligent game-changing applications that address unmet market needs.
By leveraging its expertise and experience with sophisticated magnetic
sensor applications, MASTInc successfully powers the development and
implementation of innovative solutions for healthcare/biomedical,
natural resource exploration, government, information technology,
manufacturing, and other industries. Visit www.micromeminc.com www.mastinc.com.
Safe Harbor Statement
This press release contains forward-looking statements. Such
forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company’s actual
results to differ materially from those projected in such
forward-looking statements. In particular, factors that could cause
actual results to differ materially from those in forward looking
statements include: our inability to obtain additional financing on
acceptable terms; risk that our products and services will not gain
widespread market acceptance; continued consumer adoption of digital
technology; inability to compete with others who provide comparable
products; the failure of our technology; the infringement of our
technology with proprietary rights of third parties; inability to
respond to consumer and technological demands; inability to replace
significant customers; seasonal nature of our business; and other risks
detailed in our filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date made and are not
guarantees of future performance. We undertake no obligation to
publicly update or revise any forward-looking statements. When used in
this document, the words “believe,” “expect,” “anticipate,” “estimate,”
“project,” “plan,” “should,” “intend,” “may,” “will,” “would,”
“potential,” and similar expressions may be used to identify
The CNSX or any other securities regulatory authority has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
press release that has been prepared by management.
Listing: NASD OTC-Bulletin Board – Symbol: MMTIF
CNSX – Symbol: MRM
Shares issued: 139,054,467
SEC File No: 0-26005
SOURCE Micromem Technologies Inc.